The Starter Home Scheme

The Starter Home Scheme

A new scheme, aimed at enticing first-time buyers onto the property ladder has kicked-off this week, with potential new homeowners being being offered a 20% discount on their new home.

The Starter Home initiative will see 200,000 new homes built for first-time buyers under the age of 40, with a 20% discount being made possible by offering developers the chance to build on cheaper brownfield commercial land and waiving taxes.

The scheme however, doesn’t apply to all house ranges, with the price of homes available under the Starter Home scheme being likely to be capped at £450,000 in London and £250,000 around the rest of the country.

The scheme will allow aspiring homeowners to register for the scheme from the beginning of next year and will operate as part of a new host of measures introduced by the Government to help people onto the property ladder. The scheme will operate alongside existing implementations, such as the Help to Buy scheme, which offers help to house shoppers who can only afford a small deposit.

Speaking about the scheme, Prime Minister David Cameron stated: “Hardworking young people want to plan for the future and enjoy the security of being able to own their own home. I want to help them to do just that. Under this scheme, first-time buyers will be offered the chance of a 20 per cent discount, unlocking home ownership for a generation. This is all part of our long-term economic plan to secure a better future for Britain, making sure we are backing those who work hard and get on in life.”

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